Ajman non-oil GDP growth reaches 3.6pc in 2018
AJMAN, UAE, January 30, 2020
The non-oil GDP in Ajman achieved a 3.6 per cent growth in 2018, reported Emirates news agency Wam, citing the emirate's annual economic report 2019 issued by the Department of Economic Development.
The report showed that the average annual growth for the 2014-2018 period was some 3.8 per cent, a clear indication of the strength of the local economy and its ability to grow across various economic sectors.
The manufacturing sector contributed 39.1 per cent of the GDP growth, while the construction sector contributed 14.3 per cent, the wholesale and retail trade sector 7.2 per cent and the tourism sector 4.6 per cent.
The growth rates stressed the flexibility of the economy of Ajman in light of the global economic challenges, as government efforts contributed to the sustainability and the reinforcement of the investment movement and the establishment of businesses across various activities.
The report revealed that the annual growth rate of the total fixed capital formation accounted for 2.9 per cent in 2018, with an annual growth rate of 4.9 per cent for the 2014-2018 period.
In terms of direct foreign trade, Ajman achieved growth of 6.7 per cent by the end of the year 2018, diversifying its trade partners, the most important of which was the Kingdom of Saudi Arabia with 15.5 per cent of the total exports of the emirate, followed by the Republic of Egypt with 12.2 per cent, Kuwait and India with 6.7 per cent for both, and the Russian Federation with 4.1 per cent.
Industrial establishments witnessed remarkable activity during the previous period, while licences of industrial establishments were also distributed by the end of 2018, with 14.2 per cent for the production of rubber and plastic products, and 13.6 per cent for the manufacture of metal products and other industrial activities. Investments in the manufacturing industries achieved a growth of 3.1 per cent in 2018.
The output of the manufacturing sector in Ajman also grew by 4.2 per cent during the same period, reflecting the importance of the sector and the feasibility of the available investment opportunities.
